City-by-city price comps
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The city known for its high temperatures has a housing market that's anything but hot. Foreclosures have doubled and lowered the median price. More drops are expected as home prices remain 20 percent above equilibrium, according to Local Market Monitor. Construction levels are down, sagging by 40 percent from December 2007 to December 2008. | | Median price end of 2008: | $185,900 | | Median price end of 2007: | $235,800 | | Percent change: | -21.2% | | Projected change through Q3 2009: | -24.1% | | Affordability rating: | 1.6 | Foreclosures in 2008:
(1 for every 46 households) | 9,043 | Foreclosures in 2007:
(1 for every 96 households) | 4,239 | | Change in foreclosures: | 113.3% | | Expected to hit bottom: | Q2 2010 | | Percent drop needed to reach bottom: | -44% |
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